Hero ex-principal Nadia Lopez banned from school she founded - New York Post

Nadia Lopez, the former Brownsville principal who went viral after a student praised her on Humans of New York as the most influential person in his life – and people donated nearly $1.4 million for her “scholars” to visit Harvard – might understandably get VIP treatment when returning to the school she founded.

Instead, small-minded city educrats treated her like a prowler when she paid a visit to the school on April 13.

“I was told that my presence creates tension. I literally was told that I shouldn’t come back,” a stunned Lopez said on a cell phone video moments after leaving Mott Hall Bridges Academy.

She is now under DOE investigation for “unauthorized” visits, taking photos of students without permission, and posting images on her Instagram page, officials said.

“I can’t even express how hurtful this is,” Lopez told The Post.

She said she’s never been accused of any misconduct and wants nothing more than to lift up the 6-8 middle school and its 204 students, 98 percent of them low-income black and Hispanic. “I’m invested in it.”

After 10 years as principal, Lopez resigned from the school in 2021 to battle an autoimmune kidney disease, which doctors attributed to work-related stress — 12- to 14-hour days and what she called a lack of support by the DOE.

Nadia Lopez was featured on Humans of New York.

thelopezeffect/Instagram

But she stayed in contact with Mott Hall Bridges colleagues and graduates – who call the school a second family  – while gaining renown as a motivational speaker, consultant and leadership coach. She recently launched a podcast, Detention, which discusses the problems of public education.

The conflict with DOE brass erupted when Lopez was being filmed near Mott Hall Bridges for a documentary on empowering black girls, along with Laquana Lane, an alumnus who survived cancer at age 16.

Laquana wanted to visit a beloved teacher, Ms. Graham. So the two stepped into the school – and signed in with the safety agent.

Lopez, former principal of the Mott Hall Bridges Academy, poses inside of the school located in Brownsville, Brooklyn.

Angel Chevrestt for NY Post

Laquana, now 21, hugged and talked with her sixth-grade teacher, as Lopez stood by.

“I can’t even express how hurtful this is,” Lopez told The Post.

Nadia Lopez

They also told the acting principal, Laura Onwuka, about Laquana’s trip to Ghana, which Lopez helped arrange through a non-profit run by a fashion model and activist she was mentoring. “It was a good conversation,” Laquana recalled.

But as they walked out, District 23 Superintendent Miatheresa Pate and her deputy, Josephine Van-Ess approached. Within earshot of Laquana, Pate told Lopez she was not welcome to return to the school.

“I was shocked,” Laquana said. “I felt bad for Ms. Lopez, knowing she wasn’t allowed to come back to the school she built. It was pretty sad.” 

According to insiders, the friction started during a prior surprise visit in March. Lopez sat with Onwuka for nearly an hour, sharing the school’s history and best practices. She also gave her successor a bag with a candle, mug, box of tea, journal and signed copy of her book.

She also handed out mini-packages for teachers with Lifesavers and other candy, packs of tissue and flower seeds” — “because you plant seeds into (students’) lives.”

But she later ruffled feathers by sending faculty members an e-mail titled “Thank you team” that was critical of how the school is being run.

Lopez stayed in contact with Mott Hall Bridges colleagues and graduates – who call the school a second family.

Angel Chevrestt for NY Post

“It’s very clear that the current climate and culture does not represent the expectations I set for our scholars or the staff of our beloved school” she wrote. ”Those currently appointed to the role of [Mott Hall Bridges] leadership by the DOE, have no idea what it means to be a part of something that was created to defy mediocrity and the status quo.”

Lopez said teachers had confided in her about low staff morale.

During that visit Lopez also chatted with students, reminding some roaming the halls to get back to class. She filmed a short video and snapped photos of students doing work, posting several images on her Instagram page.

“It’s something I always did to celebrate the children of Brownsville in a world that had low expectations of them,” she said.

The Special Commissioner of Investigation for city schools confirmed Friday that the school lodged a complaint against Lopez. The SCI said it referred the complaint back to the DOE’s Office of Special Investigations. A DOE spokesman said the agency would not comment.

Lopez received a “Black Girls Rock” award at an event featuring Michelle Obama.

Photo by Brian Stukes/WireImage

The DOE slap in the face comes despite Lopez bringing widespread acclaim for a public school in a poor, violence-plagued neighborhood. Lopez and Vidal Chastanet, the eighth-grader who spoke to Humans of New York, appeared on TV with Robin Roberts and Ellen DeGeneres.

President Obama invited Lopez and Vidal to visit him in the Oval Office. Lopez later received a “Black Girls Rock” award at an event featuring Michelle Obama.

Lopez gave a “TED Talk,” a popular online lecture, on her management style and mantra: “He who opens a school door, closes a prison,” as Victor Hugo put it.   

For four years, Lopez used donations to take students in sixth and eighth grade on visits to Harvard – to let them know they belonged at the most prestigious institutions – as well as Yale, St. Francis College, LaGuardia Community College and historically black colleges.

She wrote a book, “The Bridge to Brilliance; How one principal in a tough community is inspiring the world.”

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Hero ex-principal Nadia Lopez banned from school she founded - New York Post
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Hero ex-principal Nadia Lopez banned from school she founded - New York Post

Nadia Lopez, the former Brownsville principal who went viral after a student praised her on Humans of New York as the most influential person in his life – and people donated nearly $1.4 million for her “scholars” to visit Harvard – might understandably get VIP treatment when returning to the school she founded.

Instead, small-minded city educrats treated her like a prowler when she paid a visit to the school on April 13.

“I was told that my presence creates tension. I literally was told that I shouldn’t come back,” a stunned Lopez said on a cell phone video moments after arriving at Mott Hall Bridges Academy.

She is now under DOE investigation for “unauthorized” visits, taking photos of students without permission, and posting images on her Instagram page, officials said.

“I can’t even express how hurtful this is,” Lopez told The Post.

She said she’s never been accused of any misconduct and wants nothing more than to lift up the K-8 school and its 204 students, 98 percent of them low-income black and Hispanic. “I’m invested in it.”

After 10 years as principal, Lopez resigned from the school in 2021 to battle an autoimmune kidney disease, which doctors attributed to work-related stress — 12- to 14-hour days and what she called a lack of support by the DOE.

Nadia Lopez was featured on Humans of New York.

thelopezeffect/Instagram

But she stayed in contact with Mott Hall Bridges colleagues and graduates – who call the school a second family  – while gaining renown as a motivational speaker, consultant and leadership coach. She recently launched a podcast, Detention, which discusses the problems of public education.

The conflict with DOE brass erupted when Lopez was being filmed near Mott Hall Bridges for a documentary on empowering black girls, along with Laquana Lane, an alumnus who survived cancer at age 16.

Laquana wanted to visit a beloved teacher, Ms. Graham. So the two stepped into the school – and signed in with the safety agent.

Lopez, former principal of the Mott Hall Bridges Academy, poses inside of the school located in Brownsville, Brooklyn.

Angel Chevrestt for NY Post

Laquana, now 21, hugged and talked with her sixth-grade teacher, as Lopez stood by.

“I can’t even express how hurtful this is,” Lopez told The Post.

Nadia Lopez

They also told the acting principal, Laura Onwuka, about Laquana’s trip to Ghana, which Lopez helped arrange through a non-profit run by a fashion model and activist she was mentoring. “It was a good conversation,” Laquana recalled.

But as they walked out, District 23 Superintendent Miatheresa Pate and her deputy, Josephine Van-Ess approached. Within earshot of Laquana, Pate told Lopez she was not welcome to return to the school.

“I was shocked,” Laquana said. “I felt bad for Ms. Lopez, knowing she wasn’t allowed to come back to the school she built. It was pretty sad.” 

According to insiders, the friction started during a prior surprise visit in March. Lopez sat with Onwuka for nearly an hour, sharing the school’s history and best practices. She also gave her successor a bag with a candle, mug, box of tea, journal and signed copy of her book.

She also handed out mini-packages for teachers with Lifesavers and other candy, packs of tissue and flower seeds” — “because you plant seeds into (students’) lives.”

But she later ruffled feathers by sending faculty members an e-mail titled “Thank you team” that was critical of how the school is being run.

Lopez stayed in contact with Mott Hall Bridges colleagues and graduates – who call the school a second family.

Angel Chevrestt for NY Post

“It’s very clear that the current climate and culture does not represent the expectations I set for our scholars or the staff of our beloved school” she wrote. ”Those currently appointed to the role of [Mott Hall Bridges] leadership by the DOE, have no idea what it means to be a part of something that was created to defy mediocrity and the status quo.”

Lopez said teachers had confided in her about low staff morale.

During that visit Lopez also chatted with students, reminding some roaming the halls to get back to class. She filmed a short video and snapped photos of students doing work, posting several images on her Instagram page.

“It’s something I always did to celebrate the children of Brownsville in a world that had low expectations of them,” she said.

The Special Commissioner of Investigation for city schools confirmed Friday that the school lodged a complaint against Lopez. The SCI said it referred the complaint back to the DOE’s Office of Special Investigations. A DOE spokesman said the agency would not comment.

Lopez received a “Black Girls Rock” award at an event featuring Michelle Obama.

Photo by Brian Stukes/WireImage

The DOE slap in the face comes despite Lopez bringing widespread acclaim for a public school in a poor, violence-plagued neighborhood. Lopez and Vidal Chastanet, the eighth-grader who spoke to Humans of New York, appeared on TV with Robin Roberts and Ellen DeGeneres.

President Obama invited Lopez and Vidal to visit him in the Oval Office. Lopez later received a “Black Girls Rock” award at an event featuring Michelle Obama.

Lopez gave a “TED Talk,” a popular online lecture, on her management style and mantra: “He who opens a school door, closes a prison,” as Victor Hugo put it.   

For four years, Lopez used donations to take students in sixth and eighth grade on visits to Harvard – to let them know they belonged at the most prestigious institutions – as well as Yale, St. Francis College, LaGuardia Community College and historically black colleges.

She wrote a book, “The Bridge to Brilliance; How one principal in a tough community is inspiring the world.”

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Russian military abduct school principal in Kakhovka - Ukrinform

Russian invaders have abducted Viktor Pendalchuk, a school teacher and principal, in the city of Kakhovka, Kherson Region.

The relevant statement was made by Kakhovka City Territorial Community on Facebook, an Ukrinform correspondent reports.

“Today, April 30, 2022, the Russian military have taken Kakhovka resident Viktor Pendalchuk (born in 1977), a school teacher and principal, away from his home,” the report states.

Currently, his location is unknown.

A reminder that Russian invaders are threatening school administrations with torture chambers in Kherson Region, demanding that they give away their records and keys. In Kakhovka, one of Russian collaborators offers teachers ‘dry provision units’ for their work.

mk

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Local Red Lake Principal receives recognition from Catholic Principals' Council of Ontario - KenoraOnline.com

St. John School’s principal was recently named Principal of the Year. 

The Catholic Principals’ Council of Ontario held their Gala Dinner and Awards Ceremony on April 22, where Corinna Glazier, principal of St. John Catholic School in Red Lake, received the Principal of the Year Award.  

“I am truly honoured to receive this award from CPCO and am humbled by the nomination from my colleagues at Kenora Catholic District School Board,” said Corinna Glazier.  

“I am grateful for the ongoing support and guidance I receive from my fellow principals, vice-principals, and the KCDSB. I wish to thank the staff, students, and parents who strive to bring leadership and the teachings of Jesus to our everyday practice.”  

She continued, “We have an amazing school community, and I am so grateful for your support as I continue to grow in my role as principal. It is a privilege to work and serve alongside you.” 

Glazier started as an education assistant at the school her children attended. She began her teaching career in 2004 and has since worked in multiple roles such as classroom teacher, learning resource teacher and innovative technology teacher.  

Glazier is now in her sixth year as Principal of St. John Catholic School.  

Not only is Glazier a prominent member of the school, but she also serves her community as a parish lector, Eucharistic minister, hospitality support and on the Parish Council.  

“Corinna is an exceptional Catholic leader and role model at St. John School and within the Kenora Catholic District School Board, and the recognition from her colleagues and the Catholic Principal Council of Ontario is well deserved,” says Paul White, Director of Education for the Kenora Catholic District School Board.  

“Corinna works incredibly hard for her students, staff and families to create a warm and welcoming school community where everyone belongs, and students receive the support they need to be successful,” he concluded.  

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Hudson City School District has selected a new high school principal - Akron Beacon Journal

McKinley Tech Principal Search Raises Questions About Transparency, Workload - The Washington Informer

Since Dr. M. Louise Jones announced her resignation from McKinley Technology High School (MTHS) in the beginning of the calendar year,  MTHS parents and community members have requested transparency and inclusion in the selection process for a new principal. 

Months after writing a letter to D.C. Public Schools (DCPS) Chancellor Lewis D. Ferebee and other officials, however, some community members said they haven’t received much information about the status of the selection process or whether DCPS central office has taken their requests into consideration. 

Community members’ qualms center not only on inclusion and transparency but the STEM background of candidates and whether DCPS central office will ensure that Jones’ replacement would only be responsible for the affairs of MTHS and not the accompanying middle school, as had been the case during her tenure. 

“We want to be at the table and see the criteria that we have requested to ensure certain cultural competencies are possessed by the candidates. It’s befitting that we get someone skilled and credentialed in STEM,” said Sherice Muhammad, a former MTHS Local School Advisory Team (LSAT) chair who’s been heavily involved in the efforts to gain clarity about the principal selection process. 

“We also talked about someone who would understand the specific needs of students to nurture and engage the various demographics,” said Muhammad, who’s also a parent of a MTHS alumna. 

“DCPS responded to thank us for the letter and said they wanted to make sure we’re part of the principal selection process but we’re still in the dark right now about the status,” she said.   

Opportunities Arise to Ask Questions 

As recently as the 2019-2020 academic year, DCPS’ principal selection process included a performance task, in-person interview and chancellor interview. Applicants who make it beyond the chancellor interview become eligible for interviews with a community panel. That panel, composed of students, teachers, parents and community members, provides feedback about candidates’ strengths and weaknesses as they relate to the culture and needs of the school. 

According to a document outlining the principal selection process, the community panel’s feedback plays a significant role in the chancellor’s final choice. However, community members said Jones, who started at MTHS in 2013, and her predecessor David Pinder had both been appointed by DCPS central office without community input. 

On the evening of April 19, DCPS’ Office of School Improvement and Office of Engagement and Partnerships hosted a virtual meeting where MTHS community members learned more about the principal selection process and weighed in on the qualities they’re seeking in a principal. 

The event also presented some guests an opportunity to, once again, highlight the need for a principal exclusively responsible for MTHS.  

Despite demands for two principals at the McKinley campus, DCPS central office has been steadfast in maintaining the status quo. Weeks ago, during a D.C. Council Committee of the Whole education budget hearing, Ferebee defended the current setup, telling D.C. Council member Janeese Lewis George (D-Ward 4) that having one principal over two schools facilitates unity between the two campuses. 

“We believe the model we have similar to Columbia Heights Education Campus where there’s an administrator who shares a middle and high school population can serve McKinley well,” Ferebee said. “There has been some disconnect between the middle school and high school but a leader would reconnect those schools. Respectfully, we see opportunities to better connect the schools.” 

A Parent Tells a Different Story 

Though MTHS and McKinley Middle School Parent-Teacher Organization president John Hassell took no issue with Jones’ leadership, he contested DCPS central office’s unwillingness to fund a full-time principal for MTHS and the accompanying middle school.

Toward the end of March, Hassell raised this issue during a D.C. Council education budget hearing. Weeks later, he has remained steadfast in his desire for an MTHS principal who can have their attention exclusively set on one school. That way, Hassell said, they would have enough bandwidth to fulfill their responsibilities while actively engaging students, faculty, staff and community members.

In making his case, Hassell cited a decrease in 30 percentage points in the number of McKinley Middle School students who matriculated to MTHS during the last couple of academic years. He said that has been one of the many signs that MTHS, one of the District’s six application-based public high schools, needs the District’s support in fulfilling its mission. 

“We need strong leadership in our schools [like] principals who are walking the halls, intervening in fights and greeting students,” Hassell said. “We had more than three lockdowns out of concern about bomb threats and shootings in the neighborhood. We need all hands on deck and this is what we have to work with. I’m just concerned that DCPS is not taking this problem seriously.”

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Principal Financial Group® Announces First Quarter 2022 Results - Yahoo Finance

Company also announces common stock dividend

Company Highlights

• First quarter 2022 net income attributable to Principal Financial Group^®, Inc. (PFG) of $376 million, or $1.43 per diluted share.

• First quarter 2022 non-GAAP operating earnings¹ of $429 million, or $1.63 per diluted share.

• Returned $891 million of capital to shareholders in first quarter, including $724 million in share repurchases and $167 million of common stock dividends.

• Company declared second quarter 2022 common stock dividend of $0.64 per share.

• Assets under management (AUM) of $714 billion managed by PFG, which is included in assets under administration (AUA) of $1.6 trillion.

DES MOINES, Iowa, April 28, 2022--(BUSINESS WIRE)--Principal Financial Group^® (Nasdaq: PFG) announced results for first quarter 2022.

• Net income attributable to PFG for first quarter 2022 of $376.2 million, compared to $517.1 million for first quarter 2021. Net income per diluted share of $1.43 for first quarter 2022 compared to $1.87 in the prior year quarter.

• Non-GAAP operating earnings for first quarter 2022 of $428.8 million, compared to $423.5 million for first quarter 2021. Non-GAAP operating earnings per diluted share of $1.63 for first quarter 2022 compared to $1.53 in the prior year quarter.

• Quarterly common stock dividend of $0.64 per share for second quarter 2022 was authorized by the company’s Board of Directors, bringing the trailing twelve-month dividend to $2.55 per share, an 11% increase compared to the prior year trailing twelve-month period. The dividend will be payable on June 24, 2022, to shareholders of record as of June 2, 2022.

"Strong underlying fundamentals and a sharp focus on our growth drivers drove a solid start to the year despite significant market volatility and geopolitical uncertainty," said Dan Houston, chairman, president, and CEO of Principal^®. "The resiliency of our diversified business strategy was evident as we delivered non-GAAP operating earnings of $429 million in the quarter and generated $3 billion of positive net cash flow. I am pleased to share that we returned nearly $900 million to our shareholders, well on our way to achieving our target of $2.5 - $3.0 billion in 2022."

First quarter highlights

• Retirement and Income Solutions (RIS) – Fee recurring deposits increased nearly 60% over the first quarter of 2021, including a 17% increase on our legacy block in addition to deposits from the Institutional Retirement and Trust (IRT) retirement participants.

• Principal Global Investors (PGI) net cash flow of $3.2 billion.

• Principal International reported total AUM of $163.5 billion. Reported AUM does not include $193.1 billion of AUM in China.

• Specialty Benefits premium and fees² increased 10% from record sales, strong retention and employment growth.

• Investment performance³ - 46% of Principal investment options above median on a one-year basis, 69% on a three-year basis, 82% on a five-year basis, and 79% on a ten-year basis. Additionally, 66% of fund-level AUM had a 4 or 5 star rating from Morningstar.

Strong financial position

• $1.7 billion of excess and available capital in our holding companies and other subsidiaries, which is available for corporate purposes.

• Statutory risk-based capital (RBC) ratio for Principal Life Insurance Company was estimated to be in line with our 400% target.

Segment Results

Retirement and Income Solutions - Fee

(in millions except percentages or otherwise noted)	Quarter					Trailing Twelve Months
	1Q22		1Q21	% Change		1Q22		1Q21	% Change
Pre-tax operating earnings4	$112.2		$107.7	4%		$403.8		$480.9	(16)%
Net revenue5	$530.9		$511.6	4%		$2,057.2		$2,013.2	2%
Pre-tax return on net revenue6	21.1%		21.1%			19.6%		23.9%

• Pre-tax operating earnings increased $4.5 million due to higher net revenue and disciplined expense management partially offset by higher deferred acquisition costs (DAC) amortization expense.

• Net revenue increased $19.3 million primarily due to favorable equity markets and revenue from the Principal Deposit Sweep program.

Retirement and Income Solutions - Spread

(in millions except percentages or otherwise noted)	Quarter					Trailing Twelve Months
	1Q22		1Q21	% Change		1Q22		1Q21		% Change
Pre-tax operating earnings	$205.7		$180.3	14%		$767.3		$568.9		35%
Net revenue	$245.2		$228.1	7%		$945.2		$726.0		30%
Pre-tax return on net revenue	83.9%		79.0%			81.2%		78.4%

• Pre-tax operating earnings increased $25.4 million primarily due to higher net revenue and lower operating expenses.

• Net revenue increased $17.1 million primarily due to growth in the business and higher net investment income.

Principal Global Investors

(in millions except percentages or otherwise noted)		Quarter						Trailing Twelve Months
		1Q22		1Q21		% Change		1Q22		1Q21		%Change
Pre-tax operating earnings		$143.4		$141.1		2%		$710.7		$542.3		31%
Operating revenues less pass-through expenses7		$396.7		$375.8		6%		$1,688.8		$1,412.4		20%
Pre-tax return on operating revenues less pass-through expenses		36.5%		37.9%				42.4%		38.8%
Total PGI assets under management (billions)		$537.4		$507.7		6%
PGI sourced assets under management (billions)		$264.4		$250.3		6%

• Pre-tax operating earnings increased $2.3 million due to higher operating revenues less pass-through expenses, partially offset by higher operating expenses.

• Operating revenues less pass-through expenses increased $20.9 million primarily due to growth in management fees resulting from an increase in AUM.

Principal International

(in millions except percentages or otherwise noted)	Quarter						Trailing Twelve Months
	1Q22		1Q21		% Change		1Q22		1Q21		% Change
Pre-tax operating earnings	$58.1		$75.1		(23)%		$292.0		$287.9		1%
Combined net revenue (at PFG share) 8	$213.9		$229.1		(7)%		$956.5		$875.7		9%
Pre-tax return on combined net revenue (at PFG share)	27.2%		32.8%				30.5%		32.9%
Assets under management (billions)	$163.5		$160.3		2%

• Pre-tax operating earnings decreased $17.0 million primarily due to lower combined net revenue.

• Combined net revenue (at PFG share) decreased $15.2 million due to unfavorable impacts from encaje performance and the regulatory fee reduction in Mexico, partially offset by higher variable investment income in Chile and favorable impacts from inflation.

Specialty Benefits Insurance

(in millions except percentages or otherwise noted)	Quarter						Trailing Twelve Months
	1Q22		1Q21		% Change		1Q22		1Q21		% Change
Pre-tax operating earnings	$76.2		$59.2		29%		$273.3		$263.3		4%
Premium and fees	$674.3		$613.8		10%		$2,590.8		$2,381.5		9%
Pre-tax return on premium and fees9	11.3%		9.6%				10.5%		11.1%
Incurred loss ratio	64.3%		65.9%				64.6%		63.7%

• Pre-tax operating earnings increased $17.0 million due to growth in the business, improved claim experience and disciplined expense management.

• Premium and fees increased $60.5 million due to record sales, strong retention and employment growth.

• Incurred loss ratio decreased due to improved claims experience driven by dental.

Individual Life Insurance

(in millions except percentages or otherwise noted)		Quarter						Trailing Twelve Months
		1Q22		1Q21		% Change		1Q22		1Q21		%Change
Pre-tax operating earnings (losses)		$39.6		$36.0		10%		$218.1		$(57.7)		NM
Premium and fees		$330.2		$331.1		0%		$1,252.9		$1,241.1		1%
Pre-tax return on premium and fees		12.0%		10.9%				17.4%		(4.6)%

• Pre-tax operating earnings increased $3.6 million from higher net investment income and favorable non-COVID claims, partially offset by higher COVID-19 related claims.

• Premium and fees decreased $0.9 million.

Corporate

(in millions except percentages or otherwise noted)

Quarter

Trailing Twelve Months

1Q22

1Q21

% Change

1Q22

1Q21

% Change

Pre-tax operating losses

$(129.0)

$(93.8)

(38)%

$(403.2)

$(329.1)

(23)%

Forward-looking and cautionary statements

Certain statements made by the company which are not historical facts may be considered forward-looking statements, including, without limitation, statements as to non-GAAP operating earnings, net income attributable to PFG, net cash flow, realized and unrealized gains and losses, capital and liquidity positions, sales and earnings trends, and management’s beliefs, expectations, goals and opinions. The company does not undertake to update these statements, which are based on a number of assumptions concerning future conditions that may ultimately prove to be inaccurate. Future events and their effects on the company may not be those anticipated, and actual results may differ materially from the results anticipated in these forward-looking statements. The risks, uncertainties and factors that could cause or contribute to such material differences are discussed in the company’s annual report on Form 10-K for the year ended Dec. 31, 2021, filed by the company with the U.S. Securities and Exchange Commission, as updated or supplemented from time to time in subsequent filings. These risks and uncertainties include, without limitation: adverse capital and credit market conditions may significantly affect the company’s ability to meet liquidity needs, access to capital and cost of capital; conditions in the global capital markets and the economy generally; volatility or declines in the equity, bond or real estate markets; changes in interest rates or credit spreads or a sustained low interest rate environment; the elimination of the London Inter-Bank Offered Rate ("LIBOR"); the company’s investment portfolio is subject to several risks that may diminish the value of its invested assets and the investment returns credited to customers; the company’s valuation of investments and the determination of the amount of allowances and impairments taken on such investments may include methodologies, estimations and assumptions that are subject to differing interpretations; any impairments of or valuation allowances against the company’s deferred tax assets; the company’s actual experience for insurance and annuity products could differ significantly from its pricing and reserving assumptions; the pattern of amortizing the company’s DAC asset and other actuarial balances on its universal life-type insurance contracts, participating life insurance policies and certain investment contracts may change; changes in laws, regulations or accounting standards; the company may not be able to protect its intellectual property and may be subject to infringement claims; the company’s ability to pay stockholder dividends, make share repurchases and meet its obligations may be constrained by the limitations on dividends or other distributions Iowa insurance laws impose on Principal Life; litigation and regulatory investigations; from time to time the company may become subject to tax audits, tax litigation or similar proceedings, and as a result it may owe additional taxes, interest and penalties in amounts that may be material; applicable laws and the company’s certificate of incorporation and by-laws may discourage takeovers and business combinations that some stockholders might consider in their best interests; competition, including from companies that may have greater financial resources, broader arrays of products, higher ratings and stronger financial performance; technological and societal changes may disrupt the company’s business model and impair its ability to retain existing customers, attract new customers and maintain its profitability; damage to the company’s reputation; a downgrade in the company’s financial strength or credit ratings; client terminations, withdrawals or changes in investor preferences; the company’s hedging or risk management strategies prove ineffective or insufficient; inability to attract, develop and retain qualified employees and sales representatives and develop new distribution sources; an interruption in information technology, infrastructure or other internal or external systems used for business operations, or a failure to maintain the confidentiality, integrity or availability of data residing on such systems; international business risks including changes to mandatory pension schemes; risks arising from participation in joint ventures; the company may need to fund deficiencies in its "Closed Block" assets; a pandemic, terrorist attack, military action or other catastrophic event; the ongoing COVID-19 pandemic and the resulting financial market impacts; the company’s reinsurers could default on their obligations or increase their rates; risks arising from acquisitions of businesses; risks related to the company’s acquisition of Wells Fargo Bank, N.A.’s IRT business; risks in completing the company’s announced reinsurance transaction for its in-force U.S. retail fixed annuity and universal life with secondary guarantee blocks of business within the terms or timing contemplated; loss of key vendor relationships or failure of a vendor to protect information of our customers or employees; the company’s enterprise risk management framework may not be fully effective in identifying or mitigating all of the risks to which the company is exposed; and global climate change.

Use of Non-GAAP financial measures

The company uses a number of non-GAAP financial measures that management believes are useful to investors because they illustrate the performance of normal, ongoing operations, which is important in understanding and evaluating the company’s financial condition and results of operations. They are not, however, a substitute for U.S. GAAP financial measures. Therefore, the company has provided reconciliations of the non-GAAP measures to the most directly comparable U.S. GAAP measure at the end of the release. The company adjusts U.S. GAAP measures for items not directly related to ongoing operations. However, it is possible these adjusting items have occurred in the past and could recur in future reporting periods. Management also uses non-GAAP measures for goal setting, as a basis for determining employee and senior management awards and compensation and evaluating performance on a basis comparable to that used by investors and securities analysts.

Earnings conference call

On Friday, Apr. 29, 2022, at 10:00 a.m. (ET), Chairman, President and Chief Executive Officer Dan Houston and Executive Vice President and Chief Financial Officer Deanna Strable will lead a discussion of results and the impacts on future prospects, asset quality and capital adequacy during a live conference call, which can be accessed as follows:

• Via live Internet webcast. Please go to principal.com/investor at least 10-15 minutes prior to the start of the call to register, and to download and install any necessary audio software.

• Via telephone by dialing 833-875-0582 (U.S. and Canadian callers) or 216-562-0095 (international callers) approximately 10 minutes prior to the start of the call.

• Replay of the earnings call via telephone is available by dialing 855-859-2056 (U.S. and Canadian callers) or 404-537-3406 (international callers). The access code is 1872237. This replay will be available approximately two hours after the completion of the live earnings call through the end of day May 6, 2022.

• Replay of the earnings call via webcast as well as a transcript of the call will be available after the call at principal.com/investor.

The company’s financial supplement and slide presentation is currently available at principal.com/investor, and may be referred to during the call.

About Principal^®10

Principal Financial Group^® (Nasdaq: PFG) is a global financial company with over 18,000 employees¹¹ passionate about improving the wealth and well-being of people and businesses. In business for more than 140 years, we’re helping more than 53 million customers¹¹ plan, insure, invest, and retire, while working to improve our planet, support the communities where we do business, and build a diverse, inclusive workforce. Principal^® is proud to be recognized as one of the World’s Most Ethical Companies¹², a member of the Bloomberg Gender Equality Index, and a Top 10 "Best Places to Work in Money Management¹³." Learn more about Principal and our commitment to sustainability, inclusion, and purpose at principal.com.

###

Summary of Principal Financial Group, Inc. and Segment Results

Principal Financial Group, Inc. Results:	(in millions)
	Three Months Ended,						Trailing Twelve Months,
	3/31/22			3/31/21			3/31/22			3/31/21
Net income attributable to PFG	$	376.2		$	517.1		$	1,569.7		$	1,624.0
Net realized capital (gains) losses, as adjusted		52.6			(93.6	)		283.2			(153.7	)
Non-GAAP Operating Earnings*	$	428.8		$	423.5		$	1,852.9		$	1,470.3
Income taxes		77.4			82.1			409.1			286.2
Non-GAAP Pre-Tax Operating Earnings	$	506.2		$	505.6		$	2,262.0		$	1,756.5
Segment Pre-Tax Operating Earnings (Losses):
Retirement and Income Solutions	$	317.9		$	288.0		$	1,171.1		$	1,049.8
Principal Global Investors		143.4			141.1			710.7			542.3
Principal International		58.1			75.1			292.0			287.9
U.S. Insurance Solutions		115.8			95.2			491.4			205.6
Corporate		(129.0	)		(93.8	)		(403.2	)		(329.1	)
Total Segment Pre-Tax Operating Earnings	$	506.2		$	505.6		$	2,262.0		$	1,756.5

	Per Diluted Share
	Three Months Ended,
	3/31/22		3/31/21
Net income	$	1.43	$	1.87
Net realized capital (gains) losses, as adjusted		0.20		(0.35	)
Adjustment for redeemable noncontrolling interest		0.00		0.01
Non-GAAP Operating Earnings	$	1.63	$	1.53
Weighted-average diluted common shares outstanding (in millions)		263.8		276.0

*U.S. GAAP (GAAP) net income attributable to PFG versus non-GAAP operating earnings

Management uses non-GAAP operating earnings, which is a financial measure that excludes the effect of net realized capital gains and losses, as adjusted, and other after-tax adjustments the company believes are not indicative of overall operating trends, for goal setting, as a basis for determining employee and senior management awards and compensation and evaluating performance on a basis comparable to that used by investors and securities analysts. Note: it is possible these adjusting items have occurred in the past and could recur in future reporting periods. While these items may be significant components in understanding and assessing our consolidated financial performance, management believes the presentation of non-GAAP operating earnings enhances the understanding of results of operations by highlighting earnings attributable to the normal, ongoing operations of the company’s businesses.

Selected Balance Sheet Statistics
	Period Ended,
	3/31/22			12/31/21
Total assets (in billions)	$	291.5		$	304.7
Stockholders’ equity (in millions)	$	11,952.7		$	16,1258
Total common equity (in millions)	$	11,897.6		$	16,069.4
Total common equity excluding accumulated other comprehensive income (AOCI) other than foreign currency translation adjustment (in millions)	$	12,406.6		$	12,894.9
End of period common shares outstanding (in millions)		252.2			261.7
Book value per common share	$	47.18		$	61.40
Book value per common share excluding AOCI other than foreign currency translation adjustment	$	49.19		$	49.27

Principal Financial Group, Inc.
Reconciliation of U.S. GAAP to Non-GAAP Financial Measures
(in millions, except as indicated)
	Period Ended,
	3/31/22			12/31/21
Stockholders’ Equity, Excluding AOCI Other Than Foreign Currency Translation Adjustment, Available to Common Stockholders:
Stockholders’ equity	$	11,9527		$	16,125.8
Noncontrolling interest		(55.1	)		(56.4	)
Stockholders’ equity available to common stockholders		11,897.6			16,069.4
Net unrealized capital (gains) losses		171.0			(3,519.2	)
Net unrecognized postretirement benefit obligation		338.0			344.7
Stockholders’ equity, excluding AOCI other than foreign currency translation adjustment, available to common stockholders	$	12,406.6		$	12,894.9
Book Value Per Common Share, Excluding AOCI Other Than Foreign Currency Translation Adjustment:
Book value per common share	$	47.18		$	61.40
Net unrealized capital (gains) losses		0.67			(13.45	)
Net unrecognized postretirement benefit obligation		1.34			1.32
Book value per common share, excluding AOCI other than foreign currency translation adjustment	$	49.19		$	49.27

Principal Financial Group, Inc.
Reconciliation of U.S. GAAP to Non-GAAP Financial Measures
(in millions)
	Three Months Ended,						Trailing Twelve Months,
	3/31/22			3/31/21			3/31/22			3/31/21
Income Taxes:
Total GAAP income taxes	$	47.3		$	97.6		$	275.9		$	319.4
Net realized capital gains (losses) tax adjustments		16.5			(23.5	)		96.2			(66.4	)
Income taxes related to equity method investments and noncontrolling interest		13.6			8.0			37.0			33.2
Income taxes	$	77.4		$	82.1		$	409.1		$	286.2
Net Realized Capital Gains (Losses):
GAAP net realized capital gains (losses)	$	(110.5	)	$	151.4		$	(259.4	)	$	322.6
Recognition of front-end fee revenues		(1.9	)		(7.5	)		2.7			(11.8	)
Market value adjustments to fee revenues		-			(0.4	)		(0.2	)		(2.0	)
Net realized capital gains (losses) related to equity method investments		(3.6	)		(7.1	)		(20.5	)		(1.2	)
Derivative and hedging-related revenue adjustments		(40.1	)		(38.4	)		(162.0	)		(157.7	)
Sponsored investment fund adjustments		5.8			5.0			22.1			18.4
Amortization of deferred acquisition costs		(8.0	)		12.0			(20.2	)		177.3
Capital gains distributed – operating expenses		58.9			(13.0	)		2.5			(83.3	)
Amortization of other actuarial balances		6.7			21.8			(3.8	)		49.1
Market value adjustments of embedded derivatives		(19.8	)		(1.5	)		61.5			(33.1	)
Capital gains distributed – cost of interest credited		32.1			(7.4	)		2.2			(30.4	)
Net realized capital gains (losses) tax adjustments		16.5			(23.5	)		96.2			(66.4	)
Net realized capital gains (losses) attributable to noncontrolling interest, after-tax		11.3			2.2			(4.3	)		(27.8	)
Total net realized capital gains (losses) after-tax adjustments		57.9			(57.8	)		(23.8	)		(168.9	)
Net realized capital gains (losses), as adjusted	$	(52.6	)	$	93.6		$	(283.2	)	$	153.7

Principal Financial Group, Inc.
Reconciliation of U.S. GAAP to Non-GAAP Financial Measures
(in millions)
	Three Months Ended,						Trailing Twelve Months,
	3/31/22			3/31/21			3/31/22			3/31/21
Principal Global Investors Operating Revenues Less Pass-Through Expenses:
Operating revenues	$	435.3		$	415.2		$	1,848.1		$	1,563.5
Commissions and other expenses		(38.6	)		(39.4	)		(159.3	)		(151.1	)
Operating revenues less pass-through expenses	$	396.7		$	375.8		$	1,688.8		$	1,412.4
Principal International Combined Net Revenue (at PFG Share)
Pre-tax operating earnings	$	58.1		$	75.1		$	292.0		$	287.9
Combined operating expenses other than pass-through commissions (at PFG share)		155.8			154.0			664.5			587.8
Combined net revenue (at PFG share)	$	213.9		$	229.1		$	956.5		$	875.7

¹ Use of non-GAAP financial measures is discussed in this release after segment results. Non-GAAP operating earnings for total company is after tax.

² Premiums and fees = premiums and other considerations plus fees and other revenues.

³ Includes only funds with ratings assigned by Morningstar; non-rated funds excluded (87 total, 79 are ranked).

⁴ Pre-tax operating earnings = operating earnings before income taxes and after noncontrolling interest.

⁵ Net revenue = operating revenues less benefits, claims and settlement expenses less dividends to policyholders.

⁶ Pre-tax return on net revenue = pre-tax operating earnings divided by net revenue.

⁷ The company has provided reconciliations of the non-GAAP measures to the most directly comparable U.S. GAAP measures at the end of the release. The company has determined this measure is more representative of underlying operating revenues growth for PGI as it removes commissions and other expenses that are collected through fee revenue and passed through expenses with no impact to pre-tax operating earnings.

⁸ Combined net revenue (a non-GAAP financial measure): net revenue for all PI companies at 100% less pass-through commissions. The company has determined combined net revenue (at PFG share) is more representative of underlying net revenue growth for PI as it reflects our proportionate share of consolidated and equity method subsidiaries. In addition, using this net revenue metric provides a more meaningful representation of our profit margins.

⁹ Pre-tax return on premium and fees = pre-tax operating earnings divided by premium and fees.

¹⁰ Principal, Principal and symbol design and Principal Financial Group are trademarks and service marks of Principal Financial Services, Inc., a member of the Principal Financial Group.

¹¹ As of March 31, 2022

¹² Ethisphere Institute, 2021

¹³ Pensions & Investments, 2020

View source version on businesswire.com: https://www.businesswire.com/news/home/20220428006057/en/

Contacts

Media Contact:
Jane Slusark, 515-362-0482
slusark.jane@principal.com

Investor Contact:
Humphrey Lee, 515-235-9500
lee.humphrey@principal.com

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